How to File for a Tax Extension

Generally speaking, the deadline for filing your tax return is April 15. Even though you should do all you can to have your information to the IRS by this date, it is not always possible. Fortunately, the IRS gives you the chance to file for a tax extension if you need one. When you file for an extension the IRS gives you six more months to get your act together without incurring a penalty. In other words, after you file a tax extension you have until October 15 to complete your return.

One thing to remember is that if you owe taxes to the IRS you need to pay them by April 15. This doesn’t mean you have to file, but you do have to pay anything you owe if you want to avoid getting charged interest.

To file a tax extension you should start by attempting to estimate how much money you may owe. Again, this is important because you need to pay this money by April 15. You may not get slapped with a penalty by filing for a tax extension, but this does not stop the IRS from charging interest. Complete a "rough draft" of your final return to at least get an idea of what you will owe. It is better to overestimate than to come up short and find out later on.

The actual tax extension process starts by filling out and sending Form 4868 to the IRS. This is known as the tax extension form, and you should not have any troubles figuring it out. It is essential that your tax extension is postmarked by April 15. Along with this form, you need to include an estimated payment if you feel that you will owe the IRS extra money. You can also pay with a credit card if need be.

It is not hard to file a tax extension. You don’t want to get in this habit, though. It is good at times to ask the IRS for extra help, but not a habit that you should get into.

Tax Extension
More information on filing for an extension and help if you missed the deadline and need to file back taxes